Technical Analysis with Candlestick Charts – 11 April 2022

Technical Analysis with Candlestick Charts – 11 April 2022

Technical Analysis

CPI: Previously February had the Largest Annual Increase in 40 years

Asia Pacific stocks were mostly down on Monday morning. The Shanghai Composite is down 2.58% at 3,167.28. Overall, the Singapore MSCI is down 0.92% at 324.75. Over in Hong Kong, the Hang Seng Index down 3.26% at 21,217.00. In Japan, the Nikkei 225 is down 0.81% at 26,820.00, while the Topix index is down 0.45% at 1889.50. South Korea’s Kospi down 0.27% to 2693.10. Australia S&P/ASX 200 up 0.10% at 7485.20.

Top News of the Day:

Consumer Price Inflation: February’s consumer price inflation reading of 7.9% was the largest annual increase in 40 years and U.S. data on Tuesday is expected to show that CPI rose by an annualized 8.5% in March as the war in Ukraine sent commodity prices sky-high.

A strong inflation reading would bolster the case for more aggressive rate hikes by the Federal Reserve, likely adding to investor concerns that tighter monetary policy could act as a drag on the economy.

Market Summary as per 10/04/2022:

European equities Friday closing. The DAX futures contract in Germany traded up 1.46% at 14,283.67, CAC 40 futures up 1.34% at 6548.23 and the UK 100 futures contract in the U.K. up 1.56% at 7,669.56.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.40% at 34721.13. The S&P 500 down 0.27% at 4488.27 and the Nasdaq 100 down 1.41% at 14327.26, NYSE closes up 0.35% at 16689.95.

Top Market News Today:

In the Forex market, GBPUSD down 0.32% at 1.2992. The USDJPY up 0.89% at 125.387. The USDCHF up 0.26% at 0.9366. EURUSD up 0.04% at 1.0880, EUR/GBP up 0.39% at 0.8375. The USD/CNY up 0.18% at 6.3726 at the time of writing.

In the Commodity market U.S. Gold futures down 0.14% at $1,943.04. Elsewhere, Silver futures up 0.07% at $24.732 per ounce, Platinum up 1.18% at $986.50 per ounce, and Palladium up 3.61% at $2509.50.

Crude Oil down on Monday; Brent crude oil down 1.53% at $100.69 per barrel while U.S. West Texas Intermediate (CLc1) down 1.58% at $95.70.

In the Cryptocurrency Markets, Bitcoin at 42330.00 down 0.90%, Ethereum down 0.86% at 3175.46, Litecoin at 109.23 down 1.22%, at the time of writing.

Top Market Segment to Watch Out Today:

TWITTER(NYSE:TWTR): Twitter Inc’s biggest shareholder, Elon Musk, has decided not to join its board, Chief Executive Parag Agrawal said late on Sunday.

Musk, who calls himself a free-speech absolutist and has been critical of Twitter, disclosed a 9.1% stake on April 4 and said he plans to bring about significant improvements at the social media platform. His appointment to the board was to become effective on Saturday and would have prevented him from being a beneficial owner of more than 14.9% of common stock.

Economic News:

US: United States has seen the fastest and strongest recovery in travel, fuelled by leisure trips to destinations like Florida, it still trails 2019 traffic levels.

According to FlightAware data for March 6 to 13, U.S. commercial flights were down almost 18% compared with the same period in 2019. By contrast, global traffic was down nearly 27%.

With 40.4 million passengers, Florida’s Orlando International Airport ranked seventh in 2021, just ahead of China’s Guangzhou Baiyun International Airport, and breaking into the top 10 for the first time since data was available in 1991, ACI told Reuters.

Eurozone: The Russian government said on Sunday it has increased its reserve fund used for emergency spending by 273.4 billion roubles ($3.52 billion) to ensure economic stability against the backdrop of Western sanctions over Ukraine.

The sanctions, imposed after Russia invaded Ukraine on Feb. 24 in what Moscow describes as a “special military operation”, cut Russia off from the global financial system and supply channels.

Western nations are also moving closer to a complete ban on energy from Moscow to strip the Kremlin of its biggest source of revenue.

The government has already pledged more than 1 trillion roubles in anti-crisis support to businesses, social payments and to families with children, which will take up all of this year’s incoming revenues, so there will be no budget surplus.

Top Economic Releases Today:

  1. U.K. Manufacturing Production (MoM) (Feb) today at 2:00 this time estimated 0.3%, previously which was 0.9%. 
  2. U.K. Trade Balance (Feb) today at 2:00 this time estimated -20.00B, previously which was -23.90B.
  3. JAPAN PPI (YoY) (Mar) today at 19:50 this time estimated 9.3%, previously which was 9.3%.
  4. NEW ZEALAND NZIER Business Confidence (Q1) today at 18:00 previously which was -28%.
  5. AUSTRALIA NAB Business Confidence (Mar) today at 21:30 previously which was 13.

TECHNICAL SUMMARY

GBPUSD

technical Analysis
technical Analysis

TRADE SUGGESTION- SELL AT 1.3016, TAKE PROFIT AT 1.3006 AND STOP LOSS AT 1.3030

EURUSD

technical Analysis
technical Analysis

TRADE SUGGESTION- SELL AT 1.0905, TAKE PROFIT AT 1.0870 AND STOP LOSS AT 1.0935

EURGBP

technical Analysis
technical Analysis

TRADE SUGGESTION- BUY AT 0.8375, TAKE PROFIT AT 0.8398 AND STOP LOSS AT 0.8349

EURJPY

technical Analysis
technical Analysis

TRADE SUGGESTION- BUY AT 136.557, TAKE PROFIT AT 136.802 AND STOP LOSS AT 136.040

S&P 500

technical Analysis
technical Analysis

TRADE SUGGESTION- SELL AT 4470.00 TAKE PROFIT AT 4442.12 AND STOP LOSS AT 4499.41

WTI CRUDE OIL

technical Analysis
technical Analysis

TRADE SUGGESTION- SELL AT 96.51 TAKE PROFIT AT 93.86 AND STOP LOSS AT 98.56

GOLD

technical Analysis
technical Analysis

TRADE SUGGESTION- BUY AT 1954.45, TAKE PROFIT AT 1969.82 AND STOP AT 1940.22

LITECOIN

technical Analysis
technical Analysis

TRADE SUGGESTION- SELL AT 107.219 TAKE PROFIT AT 102.813 AND STOP AT 113.253

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